- FMA
- The Fabricator
- FABTECH
- Canadian Metalworking
Categories
- Additive Manufacturing
- Aluminum Welding
- Arc Welding
- Assembly and Joining
- Automation and Robotics
- Bending and Forming
- Consumables
- Cutting and Weld Prep
- Electric Vehicles
- En Español
- Finishing
- Hydroforming
- Laser Cutting
- Laser Welding
- Machining
- Manufacturing Software
- Materials Handling
- Metals/Materials
- Oxyfuel Cutting
- Plasma Cutting
- Power Tools
- Punching and Other Holemaking
- Roll Forming
- Safety
- Sawing
- Shearing
- Shop Management
- Testing and Measuring
- Tube and Pipe Fabrication
- Tube and Pipe Production
- Waterjet Cutting
Industry Directory
Webcasts
Podcasts
FAB 40
Advertise
Subscribe
Account Login
Search
Manzullo votes to help keep jobs in the U.S.
- October 14, 2004
- News Release
- Shop Management
House Small Business Committee Chairman Don Manzullo (R-IL) is voting October 7 for legislation to help U.S. manufacturers grow and create jobs by providing tax relief for the work they do in the U.S.
The American Jobs Creation Act of 2004 (H.R. 4520) provides a 9 percent tax deduction for manufacturers—large and small—on the goods and services they produce in the U.S. It is expected to pass the House Oct. 7 and the Senate later in the week before it is sent to the president for his signature.
The legislation, which replaces the Foreign Sales Corporation/Extraterritorial Income (FSC/ETI) program for U.S. exporters, also halts European tariffs many U.S. manufacturers and farmers have paid on their exports this year since the World Trade Organization (WTO) ruled FSC/ETI and illegal trade subsidy.
For the past 18 months, Manzullo, chairman of the House Manufacturing Caucus, and congressman Phil Crane (R-IL), vice-chairman of the Ways & Means Committee, led the effort in Congress to ensure the legislation provides incentives to help manufacturers continuing operating in the U.S. The original bill, authored by House Ways & Means Committee Chairman Bill Thomas (R-CA), only provided benefits to U.S. multinational companies operating abroad. Several drafts later, the Thomas bill pared back the international tax relief benefits while providing tens of billions of dollars in tax incentives to encourage manufacturers to keep operating in the U.S.
"This legislation will provide significant tax relief to help our manufacturers grow and create jobs. In addition, it will encourage our manufacturers to keep jobs in the U.S., because they will pay higher taxes on the business they send offshore," Manzullo said.
The legislation also includes an extension of Section 179 expensing, which will allow small businesses to expense immediately up to $100,000 of new investments through 2007. Other provisions include a reduction of the depreciation period for restaurants and leasehold improvements from 39 years to 15 years, and S-Corporation reform and simplification.
For more details about the bill and to calculate potential tax relief savings, visit the following National Association of Manufacturers (NAM) Web site: www.nam.org/s_nam/doc1.asp—CID=14&DID=232214.
subscribe now
The Fabricator is North America's leading magazine for the metal forming and fabricating industry. The magazine delivers the news, technical articles, and case histories that enable fabricators to do their jobs more efficiently. The Fabricator has served the industry since 1970.
start your free subscription- Stay connected from anywhere
Easily access valuable industry resources now with full access to the digital edition of The Fabricator.
Easily access valuable industry resources now with full access to the digital edition of The Welder.
Easily access valuable industry resources now with full access to the digital edition of The Tube and Pipe Journal.
Easily access valuable industry resources now with full access to the digital edition of The Fabricator en Español.
- Podcasting
- Podcast:
- The Fabricator Podcast
- Published:
- 03/26/2024
- Running Time:
- 67:51
This week on The Fabricator Podcast, Jason Becker, host of the Arc Junkies Podcast and owner of Underground...
- Trending Articles
USS Midway’s tuition-free welding program a win-win
San Diego landmark becomes floating classroom for student welders
K&S celebrates 50 years in business
Guiding metal fabrication’s automation transformation
Increasing revenue by applying production concepts to sales and marketing
- Industry Events
Coil Processing Workshop & Tours
- April 2 - 3, 2024
- Corpus Christi, TX
GOLF4MFG South
- April 15, 2024
- Charlotte, NC
16th Annual Safety Conference
- April 30 - May 1, 2024
- Elgin,
Pipe and Tube Conference
- May 21 - 22, 2024
- Omaha, NE
World-Class Roll Forming Workshop
- June 5 - 6, 2024
- Louisville, KY